Investments

The pool will have an average senior overcollateralization cushion of 10.33%. Overall, however, the portfolio has a lower WA spread and lower available excess spread, which it says indicates a weaker underlying portfolio.

The senior, triple-A rated notes, which is in the A-1B class, are expected to have a 210 basis point spread, with a 38% credit enhancement level.

In a sign of how Japan's influence has grown, its regional banks have become a go-to buyer in the $1.3 trillion market — an important source of financing for junk-rated U.S. companies.

Urschel is said to have led the financing for the majority of recent franchised whole business securitizations and several dozen transactions involving cell tower, data center, fiber and other digital infrastructure assets.

Demand for AAAs is still challenged as banks, the biggest buyers, are facing too much uncertainty and volatility around their balance sheets.

Fixed-income trading revenue declined 17%, the firm said in a statement Tuesday, leaving Goldman the only major Wall Street bank so far to have posted a drop for that business.

Despite dearth of new loans, retail investors' exit from loan funds provides CLOs with new-issue supply.

BlackRock's Financial Markets Advisory group has been selling off securities over the last two weeks, including pieces of collateralized loan obligations, commercial mortgage bonds and niche asset backed debt.

The decrease in long-term interest rates this year has helped banks' bond portfolios recover a bit. Some of them may consider restructuring their securities portfolios in the short run, and longer-term changes are also possible as the fallout from last month's crisis continues.

Deal supply remains relatively strong in the sector, but new originations still face a scarcity of new assets to roll into the deals.

Instead of ordinary coupons, investors will receive semi-annual coupon payments linked to these VCUs. The outcome-based bond follows a rhino bond issued by the World Bank last year, which rewards investors more if the population of the animals grows.

The deal's total leverage is 11.25%, subordination is 13.14%, it has a WA cost of debt of 2.35%, and a WA spread of 3.49%, excluding floors.

Regulators saved lenders from a proliferation of banking issues in response to Silicon Valley Bank's collapse—and cemented the virtues of the borrow-lend strategy of CLOs.

The U.S. 30-year yield rose to the highest level since November, joining the rest of the Treasury market in offering a return of at least 4% after labor-market data.

The government-sponsored enterprises will likely have their mainstay bonds exempted from the potential securitization-related rule, but their credit-risk transfers could be subject to it, some experts say.

Traders in the hyper-liquid world of ETFs ditched equities and corporate bonds and headed for the safety of government debt as yields broke out anew.

The bond market faces a bigger threat than recent rate hikes: the notion that rates will stay elevated even after the U.S. central bank's inflation fight is all over.

Investors offloaded $12.6 billion of Treasuries last year, but that figure was dwarfed by a record $121.8 billion purchase of U.S. agency debt, higher-yielding securities.

The move to shutter the lines of credit for future collateralized loan obligations — so-called warehouses — comes as BirchLane winds down and returns cash to its investors.

Lenders and borrowers have just a few months to negotiate how they're going to ditch the disgraced Libor benchmark in the leveraged loan market, and time is of the essence.